Study On The Pattern And Effect Of Chinese Venture Capital In High And New Technology Enterprises

Today, science and technology is the first productive force,it plays an important rolein determing the competitive ability and international position.But high&newtechnology enterprises in China,as one force to improve science and technology,don’tshow the satisfactory performance.They have the character of high risk and high return,they have huge demand for capital. The high uncertainty always stops us.But there isone kind of investors,they put the raised money in potential enterprises,after they havebeen improved to a specific level,the investors will take back the investments and obtainthe excess return.They are called venture capital.Obviously,venture capital is veryhelpful for developing the high and new technology enterprises.But venture capital inChina started late,there is a big distance to the foreign countries.In order to show the promotion effect the venture capital have on those enterprisesbetter,this thesis will study the pattern and effect of Chinese venture capital in high andnew technology enterprises.Based on summarizing the model,this thesis will study theeffect under this model,which makes us fully understand the current situation and futureadjustment trend,this is also the first innovation point in the thesis.The study of pattern chooses the methods of induction and comparison.Based onsummarizing the rule of venture capital circulation system,the author proposes that thepattern contains capital resources、organization structure、investments point、exitchannel four elements.Then proposing the “Corporate and government capital as themain force,growth stage companies the key point,corporation system the support,IPOthe better choice” pattern according to current situation.At last,compare the patterns inAmerica、Europe and Japan,find advantages and disadvantages for each pattern.The study of effect under this pattern uses the method of combining macro andmicro level.This thesis studies not only the effect of venture capital in high and newtechnology enterprises on GDP,but also on enterprises’ technology innovation ability.This is the second innovation point.One part studies whether there is a steady relationbetween the venture capital in high and new technology enterprises and GDP.Anotherpart studies whether it has effect on R&D expenditure,R&D staff,patent applied and thenew goods revenue,which reflect the technology innovation ability.The empiricalanalysis results show that the effect on GDP exists.But the effect on innovation ability isnot like expected,even it has adverse impact on R&D cost and revenue.The reason isthat venture capitalists put the money in,but ignore the assistance on management.Finally,find out the reason why the effect doesn’t reflect according to the Chinesepattern.That fundamental reason is governments influence greatly,corporate systemdisadvantages exist,prefer growth stage companies and exit channels aren’t smooth.Thepattern of venture capital in high and new technology enterprises need to be adjusted sothat the effect of it on GDP and innovation ability will be brought into full.